Question 1

Select the appropriate definition for each of the items listed below.
-Choosing actions that are right, proper, and just

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour O

Question 2

In larger organizations, the controller is typically also the Chief Executive Officer of a company.

Accepted Answer

A) True 
 B)False  False

Question 3

Which statement best describes activity-based costing?

Accepted Answer

A)  It results in higher revenues. 
B)  It is a traditional costing method. 
C)  It encourages efficiency and customer value. 
D)  It always results in a lower cost assigned to goods or services. 
A)  It results in higher revenues. 
B)  It is a traditional costing method. 
C)  It encourages efficiency and customer value. 
D)  It always results in a lower cost assigned to goods or services. C

Question 4

Select the appropriate definition for each of the items listed below.
-The process of choosing among competing alternatives

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour

Question 5

Which employee would normally occupy a staff position?

Accepted Answer

A)  an assembly worker 
B)  the factory manager 
C)  the cost accounting manager 
D)  the vice president of operations 
A)  an assembly worker 
B)  the factory manager 
C)  the cost accounting manager 
D)  the vice president of operations

Question 6

According to the Rules of Professional Conduct of CPA Ontario, what are the fundamental principles of ethics?

Accepted Answer

A)  reputation, professionalism, authority, judgement, conflict of interest 
B)  professionalism, public interest, integrity and due care, confidentiality, conflict of interest 
C)  professional behaviour, integrity and due care, professional competence, confidentiality, objectivity 
D)  professional behaviour, integrity and due care, professional competence, confidentiality, subjectivity 
A)  reputation, professionalism, authority, judgement, conflict of interest 
B)  professionalism, public interest, integrity and due care, confidentiality, conflict of interest 
C)  professional behaviour, integrity and due care, professional competence, confidentiality, objectivity 
D)  professional behaviour, integrity and due care, professional competence, confidentiality, subjectivity

Question 7

Financial accounting has its emphasis primarily on the future.

Accepted Answer

A) True 
 B)False

Question 8

The value chain refers to the set of activities required to design, develop, produce, market, and deliver products and services to customers.

Accepted Answer

A) True 
 B)False

Question 9

What is the emphasis of total quality management?

Accepted Answer

A)  1% defects 
B)  the status quo 
C)  acceptable quality 
D)  the elimination of waste 
A)  1% defects 
B)  the status quo 
C)  acceptable quality 
D)  the elimination of waste

Question 10

Select the appropriate definition for each of the items listed below.
-A crucial element in all phases of the value chain

Accepted Answer

A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour 
A) Financial accounting 
B) Managerial accounting 
C) Planning 
D) Controlling 
E) Decision making
F)Value chain
G)Continuous improvement
H)Line positions
I)Time
J)Total quality management
K)Lean accounting
L)Staff positions
M)Controller
N)Treasurer
O)Ethical behaviour

Question 11

Which term refers to the progress of new products through the stages of conception, introduction into the market, growth, maturity, decline, and eventual withdrawal from a market?

Accepted Answer

A)  product life cycle 
B)  value chain analysis 
C)  strategic positioning 
D)  continuous improvement 
A)  product life cycle 
B)  value chain analysis 
C)  strategic positioning 
D)  continuous improvement

Question 12

What is an example of the management activity referred to as planning?

Accepted Answer

A)  upgrading outdated equipment 
B)  outsourcing the organization's payroll processing 
C)  developing a strategy to dispose of hazardous waste 
D)  deciding to eliminate an unprofitable segment of an organization 
A)  upgrading outdated equipment 
B)  outsourcing the organization's payroll processing 
C)  developing a strategy to dispose of hazardous waste 
D)  deciding to eliminate an unprofitable segment of an organization

Question 13

Activity-based costing is a detailed approach to determining the cost of goods and services.

Accepted Answer

A) True 
 B)False

Question 14

In Canada, new accounting students currently have a choice of pursuing their choice any of the following professional accounting designations: CMA, CGA, CA, or CPA.

Accepted Answer

A) True 
 B)False

Question 15

Positions that have direct responsibility for the basic objectives of an organization are normally referred to as staff positions.

Accepted Answer

A) True 
 B)False

Question 16

Managerial accounting information is used only by manufacturing organizations.

Accepted Answer

A) True 
 B)False

Question 17

What is a primary objective of managerial accounting?

Accepted Answer

A)  to provide the Canada Revenue Agency with information about taxable income 
B)  to provide management with information useful for planning and control of operations 
C)  to provide banks and other creditors with information useful in making credit decisions 
D)  to provide existing shareholders and potential investors with useful information for decision making 
A)  to provide the Canada Revenue Agency with information about taxable income 
B)  to provide management with information useful for planning and control of operations 
C)  to provide banks and other creditors with information useful in making credit decisions 
D)  to provide existing shareholders and potential investors with useful information for decision making

Question 18

The CPA designation in Canada refers to Certified Professional Accountant.

Accepted Answer

A) True 
 B)False

Question 19

Value chain analysis is a useful way of examining a firm's competitive advantage.

Accepted Answer

A) True 
 B)False

Question 20

The process of choosing among competing alternatives is called decision making.

Accepted Answer

A) True 
 B)False

Select the appropriate definition for each of the items listed below. -Choosing actions that are right, proper, and just

In larger organizations, the controller is typically also the Chief Executive Officer of a company.

Which statement best describes activity-based costing?

Select the appropriate definition for each of the items listed below. -The process of choosing among competing alternatives

Which employee would normally occupy a staff position?

According to the Rules of Professional Conduct of CPA Ontario, what are the fundamental principles of ethics?

Financial accounting has its emphasis primarily on the future.

The value chain refers to the set of activities required to design, develop, produce, market, and deliver products and services to customers.

What is the emphasis of total quality management?

Select the appropriate definition for each of the items listed below. -A crucial element in all phases of the value chain

Which term refers to the progress of new products through the stages of conception, introduction into the market, growth, maturity, decline, and eventual withdrawal from a market?

What is an example of the management activity referred to as planning?

Activity-based costing is a detailed approach to determining the cost of goods and services.

In Canada, new accounting students currently have a choice of pursuing their choice any of the following professional accounting designations: CMA, CGA, CA, or CPA.

Positions that have direct responsibility for the basic objectives of an organization are normally referred to as staff positions.

Managerial accounting information is used only by manufacturing organizations.

What is a primary objective of managerial accounting?

The CPA designation in Canada refers to Certified Professional Accountant.

Value chain analysis is a useful way of examining a firm's competitive advantage.

The process of choosing among competing alternatives is called decision making.

Basic Managerial Accounting Concepts

Cost Behaviour

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Job-Order Costing

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing, and Inventory Management

Budgeting, Production, Cash, and Master Budget

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Filters

Exam 1: Introduction to Managerial Accounting

Select the appropriate definition for each of the items listed below. -Choosing actions that are right, proper, and just

In larger organizations, the controller is typically also the Chief Executive Officer of a company.

Which statement best describes activity-based costing?

Select the appropriate definition for each of the items listed below. -The process of choosing among competing alternatives

Which employee would normally occupy a staff position?

According to the Rules of Professional Conduct of CPA Ontario, what are the fundamental principles of ethics?

Financial accounting has its emphasis primarily on the future.

The value chain refers to the set of activities required to design, develop, produce, market, and deliver products and services to customers.

What is the emphasis of total quality management?

Select the appropriate definition for each of the items listed below. -A crucial element in all phases of the value chain

Which term refers to the progress of new products through the stages of conception, introduction into the market, growth, maturity, decline, and eventual withdrawal from a market?

What is an example of the management activity referred to as planning?

Activity-based costing is a detailed approach to determining the cost of goods and services.

In Canada, new accounting students currently have a choice of pursuing their choice any of the following professional accounting designations: CMA, CGA, CA, or CPA.

Positions that have direct responsibility for the basic objectives of an organization are normally referred to as staff positions.

Managerial accounting information is used only by manufacturing organizations.

What is a primary objective of managerial accounting?

The CPA designation in Canada refers to Certified Professional Accountant.

Value chain analysis is a useful way of examining a firm's competitive advantage.

The process of choosing among competing alternatives is called decision making.

Basic Managerial Accounting Concepts

Cost Behaviour

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Job-Order Costing

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing, and Inventory Management

Budgeting, Production, Cash, and Master Budget

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Filters